Pull back to 9400 over. Failure to hold above 9110 triggers selloff. Be alert.

As updated in last post, nifty rallied to 9438 from 9230 levels successfully.

Now as per latest data update, Nifty critical support at 9110-9090 zone.

Bulls need to protect this support zone to continue upward momentum.

Failure to hold this critical support 9100 means Major down trend has resumed its journey.

Hence, Avoid fresh long positions. If you holding long positions, keep strict stoploss at 9080 spot level.

Close below 9100 would trigger huge selloff in coming sessions.

Candlestick charts formed negative reversal formations since last two days.

Unless we close above 9280, down ward move likely to continue further.

Below 9090, major support at 9000 level.

Majority of options open interest existing at this level.

Hence, breaking below 9000 would confirm the major trend (down ) resumed on downside.

Be alert.

Keep watch 9090-9000 support zone.

Regards,

Suryadev Bandari

Research Analyst

Comments

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Market likely to take a PAUSE.

After our update, Nifty rallied from 19225 to 20095, it appears that, nifty likely to take a pause before another rally. Technically , Negative Divergence formed in Hourly charts. Five inner waves appears to be completed as per Elliottwave Perspective. Several other parameters indicating that markets likely to cooloff from over bought position. It's time to be cautious on taking fresh long positions. As far as possible, keep booking profits, at least , partial profit booking and keep strict stoploss to remaining long positions. Key supports to watch 20000-19870-19700. Resistance 20100-20200. Regards, Suryadev Bandari Research Analyst

Banknifty trend Up.

Banknifty almost completed Sideways correction today around 44550 and turned up. Now it appears to be resume upward Journey tpwards 45700+. Regards, Suryadev Bandari Research Analyst.

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